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Author : George Alogoskoufis,Richard Portes,Hélène Rey
Publisher : Unknown
Page : 49 pages
File Size : 47,5 Mb
Release : 1998
Category : Euro
ISBN : 0753012154
Author : Anonim
Publisher : Peterson Institute
Page : 237 pages
File Size : 43,9 Mb
Release : 2009
Category : Electronic
ISBN : 9780881325584
Author : Robert A. Mundell,Armand Clesse
Publisher : Springer Science & Business Media
Page : 460 pages
File Size : 53,8 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461544579
The introduction of the euro was an important event for the world economy and the international political system. For the first time in history, a substantial group of European countries-eleven of the fifteen members of the European Union including three members of the G-7-have voluntarily agreed to replace their national currencies with a single currency. The euro area has already become established as the second largest currency area in the world and will therefore become a major player in the international monetary system. The creation of the euro poses a number of interesting questions. Will the euro be a strong or a weak currency? Will the euro challenge the leading position hitherto held by the United States dollar and would sharing of the burdens and advantages of reserve currency status improve or worsen the stability of the international monetary system? How will the euro affect US relations with Europe? Does the formation of the euro intensify European integration in other fields? Is a bi-polar international monetary system viable? These and other issues motivated the Luxembourg Institute for European and International Studies and the Pierre Werner Foundation to organize an international conference in Luxembourg on December 3-4, 1998, on the eve of the birth of the euro. At the outset we were aware that the issue of the euro went far beyond pure economics. Money, after all, is too important a subject to be left to economists.
Author : Pedro Gomis-Porqueras
Publisher : Routledge
Page : 256 pages
File Size : 54,9 Mb
Release : 2016-12-05
Category : Political Science
ISBN : 9781351895330
The dollar has been the dominant currency of the world economy for almost a century; since 2002, the euro has gained widespread international acceptance resulting in important institutional, economic and financial changes both for the euro zone, the United States and the world economies, affecting foreign exchange and financial markets as well as economic activities around the world. In years to come, the international role of the euro will hinge on the validity of the fundamental idea underlying its creation, namely that important components of sovereignty can be pooled and shared among nations in the pursuit of common economic and political objectives. This key book assesses the international role of the euro, discusses its impact on global financial markets, shifting global exchange rate relationships and their implications. With input from various disciplines (economics, business and political science), it foments discussions intended to facilitate an exchange of ideas among academics, practitioners and the local business community.
Author : Benjamin J. Cohen
Publisher : Routledge
Page : 210 pages
File Size : 49,6 Mb
Release : 2012-11-12
Category : Political Science
ISBN : 9781136845888
Can the euro challenge the supremacy of the U.S. dollar as a global currency? From the time Europe’s joint money was born, many have predicted that it would soon achieve parity with the dollar or possibly even surpass it. In reality, however, the euro has remained firmly planted in the dollar’s shadow. The essays collected in this volume explain why. Because of America’s external deficits and looming foreign debt, the dollar can never be as dominant as it once was. But Europe’s money is unable to mount an effective challenge. The euro suffers from a number of critical structural deficiencies, including an anti-growth bias that is built into the institutions of the monetary union and an ambiguous governance structure that sows doubts among prospective users. As recent events have demonstrated, members of the euro zone remain vulnerable to financial crisis. Moreover, lacking a single voice, the bloc continues to punch below its weight in monetary diplomacy. The world seems headed toward a leaderless monetary order, with several currencies in contention but none clearly dominant. This collection distils the views of one of the world’s leading scholars in global currency, and will be of considerable interest to students and scholars of international finance and international political economy.
Author : George Alogoskoufis,Richard Portes,Helene Rey
Publisher : Unknown
Page : 37 pages
File Size : 55,8 Mb
Release : 1997
Category : Electronic
ISBN : OCLC:245857048
Author : David Marsh
Publisher : Yale University Press
Page : 632 pages
File Size : 48,9 Mb
Release : 2011-08-23
Category : Business & Economics
ISBN : 9780300173901
This book is the first comprehensive political and economic account of the birth and development of the Euro. Today the Euro is the supranational currency for sixteen European countries and the world's second-largest reserve currency. David Marsh tells the story of the rivalries, intrigues, and deal making that brought about a currency for Europe, and he analyzes the achievements and shortcomings of its first decade of existence. While the Euro represents a remarkable triumph of political will, great pressures are building on the single currency. Drawing on more than 100 interviews with leading figures associated with the Euro, and scores of secret documents from international archives, Marsh underscores the Euro's importance for the global economy, in particular for U.S. and British economic and political agendas. Hidden facts and fresh insights from The Euro --How the legacy of France and Germany's tortuous relations affects the Euro--Why the United Kingdom is unlikely to accept the Euro before 2025--The impact on the Euro of the U.S. credit crisis--How the Euro has rebounded against the aspirations of its founders--How Italy and Spain have massively lost competitiveness--Why radical changes must be adopted to prevent a European upheaval
Author : Barry Eichengreen,Arnaud Mehl,Livia Chitu
Publisher : Princeton University Press
Page : 270 pages
File Size : 42,7 Mb
Release : 2019-02-26
Category : Business & Economics
ISBN : 9780691191867
A powerful new understanding of global currency trends, including the rise of the Chinese yuan At first glance, the history of the modern global economy seems to support the long-held view that the currency of the world’s leading power invariably dominates international trade and finance. But in How Global Currencies Work, three noted economists overturn this conventional wisdom. Offering a new history of global finance over the past two centuries and marshaling extensive new data to test current theories of how global currencies work, the authors show that several national monies can share international currency status—and that their importance can change rapidly. They demonstrate how changes in technology and international trade and finance have reshaped the landscape of international currencies so that several international financial standards can coexist. In fact, they show that multiple international and reserve currencies have coexisted in the past—upending the traditional view of the British pound’s dominance before 1945 and the U.S. dollar’s postwar dominance. Looking forward, the book tackles the implications of this new framework for major questions facing the future of the international monetary system, including how increased currency competition might affect global financial stability.
Author : David Marsh
Publisher : Yale University Press
Page : 361 pages
File Size : 45,9 Mb
Release : 2009-01-01
Category : Business & Economics
ISBN : 9780300127300
Drawing on more than one hundred interviews with leading figures associated with the Euro and scores of secret documents from international archives, the author underscores the Euro's importance for the global economy, in particular for U.S. and British economic and political agendas.
Author : C. Randall Henning,Pier Carlo Padoan
Publisher : Brookings Institution Press
Page : 142 pages
File Size : 53,7 Mb
Release : 2010-12-01
Category : Business & Economics
ISBN : 0815719949
A Brookings Institution Press and the European Community Studies Association publication The European economic and monetary union has changed the structure of international monetary relations fundamentally. In this book two experts--one European, the other American--offer transatlantic perspectives on the ramifications of the monetary union and the launch of the euro. C. Randall Henning examines selected American views on Europe's monetary union, and looks at the political, economic, and institutional interests of the United States as they are affected by the creation of the euro. He examines the external monetary policymaking machinery of the union and discusses the relationship of the monetary union to international institutions, particularly the meetings of the G-7 finance ministers and central bank governors and the International Monetary Fund. Henning is generally sympathetic to European integration, supportive of the monetary union, and persuaded of the importance of international cooperation. Pier Carlo Padoan presents a European view of the role of the euro in the international system. He looks at the euro as a potential global currency and examines the transition phase between a regional currency and a global currency. Central to this is an analysis of the appropriate exchange rate policy for the euro. He also considers euro-dollar relations and the prospects for transatlantic cooperation. C. Randall Henning is a professor at The American University and a senior fellow at the Institute for International Economics. Pier Carlo Padoan is a professor at the University of Rome and the College of Europe.
Author : Heinz-Peter Spahn
Publisher : Springer Science & Business Media
Page : 227 pages
File Size : 48,7 Mb
Release : 2013-03-09
Category : Business & Economics
ISBN : 9783662043585
This book deals with the evolution of monetary systems. Firstly, it argues that money forms a constitutional element in any private-ownership economy, estab lishing a nominal-standard order for the market behaviour of individual agents. The market economy is basically a payment society where money structures and values economic activities, and performs itself as a market asset. The use of re sources and the production of commodities are governed by calculations in mone tary values which subordinate production and employment to the logic of asset markets. The "veil" of money cannot be withdrawn, as a matter of fact and in theoretical analysis, without changing the economic order of society. Money originates from a credit relation between market agents, thus spot payments re place intertemporal exchange. Problems of low trust and information in mutual economic relations are projected onto the money medium in a monetary economy, thereby enhancing its efficiency and dynamics. The rate of interest is not related to time; it is the price for maintaining the agents' solvency in the current period, and it determines a positive rate of return on capital and production. Secondly, the book shows that network externalities in the use of money led to monopoly solutions in the national and hegemonic leader-follower relations in the international economy.
Author : Miguel Otero-Iglesias
Publisher : Routledge
Page : 280 pages
File Size : 50,8 Mb
Release : 2014-09-19
Category : Political Science
ISBN : 9781317636762
This book analyses how financial elites in key dollar-holding emerging markets perceive the contest between the euro and the dollar for global currency status. It also assesses how far the Eurozone has gone in challenging US hegemony in monetary affairs through the prism of these elites. Drawing on Chartalist and Constructivist theories of money, the author provides a systematic approach to studying global currency dynamics and presents extensive original empirical data on financial elites in China, Saudi Arabia, the UAE and Brazil. The author demonstrates, amongst other things, how the gradual ascendance of a structurally flawed currency like the euro has highlighted the weaknesses of the dollar ad how the euro has demonstrated that sovereignty sharing in monetary affairs is possible and that the international monetary system can be a multicurrency and multilateral system. In this highly innovative and important book, Otero-Iglesias shows the importance of studying financial elites in Brazil, China and the GCC countries in order to understand the full impact, material and ideational, of the euro in the transformation of the IMS. It will be vital reading for students and scholars of International Political Economy, International Economics, International Finance, Economic History, Economic Sociology, International Relations, Comparative Political Economy and Comparative Politics.
Author : Veronika Minkova
Publisher : GRIN Verlag
Page : 19 pages
File Size : 51,7 Mb
Release : 2011-09-28
Category : Political Science
ISBN : 9783656016540
Essay from the year 2010 in the subject Politics - International Politics - Topic: European Union, grade: 1,3, King`s College London, language: English, abstract: After the first decade of the advent of the euro, analysts have examined the prospect of the European common currency to become not only regional currency, but also its usage to spread internationally. Not only has the euro proved to be more than a powerful symbol of collective identity, but it has also provided price stability, it has been a shelter against currency crises and it has attracted new member states that wish to join the euro area. However, this positive landscape has changed in the face of the global financial crisis and the Greek budgetary crisis. Many have seen the euro only as ‘a fair weather currency’ arguing that confluence of factors facilitates the euro’s deficiency of becoming ‘bad weather currency’ such as economic divergence and internal imbalances between member states. The first section of the essay discusses the benefits and costs of issuing an international currency. By applying the three attributes of money to the euro, the second section reviews the euro’s performance as a medium of exchange, unit of account and store of value. The final section identifies factors which hinder the European common currency’s success as an international currency. These factors include: inertial forces characterising the financial markets, governance design of EMU, member states’ internal imbalances, fragmentation of financial markets, non-economic limitations and the European Union’s discouraging stance towards the euro’s international status.
Author : Barry Eichengreen,Marc Flandreau,Arnaud Mehl,Livia Chitu
Publisher : Unknown
Page : 288 pages
File Size : 40,9 Mb
Release : 2017-03-15
Category : Electronic
ISBN : 0190659459
Conventional economic wisdom has long held that the world's dominant economic power tends to possess the world's dominant currency, and that the dominance of that currency can continue even after other, more dynamic economics powers surpass the issuer of it. The paradigmatic example is GreatBritain, which had the world's biggest economy and the dominant currency in the nineteenth century. Yet even as it faded relative to the US and Germany, the pound sterling remained the world's reserve currency well into the twentieth century. Only massive systemic shocks like the Great Depressionand World War Two could knock the pound from its perch. The story of the US economy and the dollar after the war is a similar one, and many expect that the dollar will eventually lose its pre-eminence to Chinese the renminbi at some point after the Chinese economy surpasses the US economy in size. China is certainly a clear rival to the US, but as Barry Eichengreen, Marc Flandreau, Arnaud Mehl and Livia Chitu argue, economics is not a zero-sum game. In International Currencies, Past, Present, and Future, they draw from innovative data sets to argue that several national currencies can play animportant role in the global economy all at once. Rather than focusing on how one currency dominates, then, we should look at currency systems as networks. While there may be a clear leader, that does not meant that other major currencies cannot serve as international reserve hedges. Indeed, even inthe late twentieth century, when US power was at a geopolitical apex, roughly 40 percent of global foreign exchange reserves were not in dollar form. The late nineteenth and early twentieth centuries were similarly multipolar with regard to foreign exchange reserve holdings, with the mark, thefranc, and the dollar all playing important roles in a system in which the pound led. If past is prologue, we can look forward to a multipolar system in which the dollar and euro will continue to be important international currencies even if the renminbi surpasses the dollar - and the jury is out onthat. Deeply informed by history, this powerfully revisionist account of how the international monetary system operates will not only transform our understanding of the past, but also force us to reconsider our expectations of how the system will evolve in future decades.
Author : Geoffrey Bell
Publisher : New York : Wiley
Page : 144 pages
File Size : 40,7 Mb
Release : 1973
Category : Euro-dollar market
ISBN : UCAL:B4432964
